The reported net incomes for the first 2 years of Blossom Co. were as follows: 2017, $167,000; 2018, $238,000. Early in 2019, the following errors were discovered. 1. Depreciation of equipment for 2017 was overstated by $7,600. 2. Depreciation of equipment for 2018 was understated by $14,900. 3. December 31, 2017 ending inventory was overstated by $17,500. 4. December 31, 2018 inventory was overstated by $26,900. Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed.

Account Titles and Explanation Debit Credit